东莞证券研报指出，招商银行上半年实现营业收入1,699.69亿元，同比-1.72%；归母净利润749.30亿元，同比+0.25%；Q2归母净利润增速由负转正，存款成本继续优化。拆分营收结构，招商银行今年上半年实现净利息收入1,060.85亿元，同比+1.57%，延续2024Q4以来的增长态势。负债端，受益于存款利率下调、监管部门严格限制手工补息等高息揽储行为、公司持续推动低成本核心存款的增长，上半年存款成本率同比-34bp至1.26%，对净利息收益率产生一定正向效果。招商银行分红率维持30%以上，并将于2025年进行中期分红，拟定比例为35%，高股息价值凸显。预计招商银行2025年每股净资产为45.25元，当前股价对应PB是0.95倍。维持“买入”评级。
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